Byron Wien Hire a Sign of Blackstone's Newly Diversified Status

Daniel M. Harrison submits:

It used to be the case that the more genteel private equity houses shunned all the other animals in the market zoo. The only time a private equity portfolio manager was likely to bump into someone from a bulge-bracket bank was when one of the firm’s portfolio companies was filing for a public listing. Even then, the relationship was cordial at best.

Blackstone (BX) seems to be turning that convention on its head. As it tries to figure out ways to grow in a time when conglomerates are too strapped-for-cash to offer much in the way of trade sales, and the IPO market is hardly booming (although that might soon change), this private equity giant increasingly resembles a Wall Street investment bank.

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